BREAKING NEWS ROUNDUP – MAY 13, 2026 #1

1️⃣ 🇺🇸 SENATE CONFIRMS KEVIN WARSH TO FED BOARD – CHAIR VOTE TODAY

The Senate voted 51-45 to confirm Kevin Warsh as a Federal Reserve governor, clearing the path for him to take over as Fed Chair later this week .

The vote was largely along party lines. Senator John Fetterman (D-Pa.) was the lone Democrat to vote with Republicans .

The Senate will hold a separate vote today (May 13) to confirm Warsh as Fed Chair. He will officially take the helm on May 15, replacing Jerome Powell, whose term ends this Friday .

The timing is awkward: Consumer inflation hit a three-year high of 3.8% in April. Warsh has backed lower rates despite inflation exceeding the Fed's 2% target for years .

Warsh has promised a "regime change" at the Fed – smaller balance sheet, closer coordination with Treasury, and potentially an end to the "dot plot" of rate projections. He argues a smaller balance sheet would allow for a lower policy rate .

Powell is not leaving. He will remain as a rank-and-file governor, breaking 75 years of precedent .

#Fed